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Oando Concludes Payment of N5.1bn in Dividends

06 Sep 2013

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Oando Plc


Oando Plc, a leading integrated energy group listed on the Nigerian Stock Exchange (NSE) and Johannesburg Stock Exchange (JSE) yesterday said it had concluded the payment of N5.1 billion dividend to shareholders for the year ended December 31, 2012.

The company had posted a profit after tax of N10.9 billion for the year, out of which the board recommended N5.1 billion as dividend that translated into 75 kobo per share. The shareholders of Oando approved the dividend at their last annual general meeting in July while payment commenced in August.

Oando explained in a statement yesterday that it had concluded the dividend payment to shareholders on Monday. The President of Association for the Advancement of the Rights of Nigerian Shareholders (AARNS), Dr. Faruk Umar, who confirmed receipt of his dividend, told THISDAY that he got his payment  through electronic(e)-dividend.

“Shareholders who have e-dividend accounts had their accounted credited directly by the registrars and I got mine through this medium.  This is why we have urged our fellow shareholders to embrace e-dividend because it has many benefits,” Faruk said.

Oando had early this year successfully raised N62.6 billion from existing shareholders via a rights issue, thereby enhancing its ability to continue to generate sustained earnings and increased value for shareholders.

According to the Group Chief Executive of Oando, Mr. Wale Tinubu, “The centrepiece of our overall growth strategy remains focused on steady and progressive value creation for our shareholders. With a business such as ours that guarantees steady returns on investments, we are positioning ourselves to ensure that our shareholders continue to enjoy an exemplary dividend pay-out year after year.”  

Meanwhile, trading at the stock market returned to the bulls’ territory after two days of decline. The Nigerian Stock Exchange (NSE) All-Share Index rose by 0.72 per cent to close at 36,476.30, compared to a decline of 0.04 per cent the previous day. Market capitalisation added N128 billion to close at N11.614 trillion.

Tags: Business, Nigeria, Featured, OandO, Dividends

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